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RBI Imposes Monetary Penalties on 5 Co-operative Banks In a recent development, the Reserve Bank of India (RBI) has imposed monetary penalties on five co-operative banks for various violations. This action comes as part of the central bank’s efforts to ensure compliance and maintain the stability of the banking sector. Penalties Imposed: Response from RBI:…
The Reserve Bank of India (RBI) has released a survey highlighting that the United States (US) has surpassed the United Arab Emirates (UAE) as the largest source of remittances to India. This marks a significant shift in India’s remittance inflows, demonstrating the increasing contribution of the Indian diaspora in the US. The findings of the…
Indian Banks’ Profitability Soars with Low NPAs and Strong Credit Growth Introduction to Indian Banks’ Financial Growth The Indian banking sector has witnessed an unprecedented surge in profitability, marked by a decline in Non-Performing Assets (NPAs) and robust credit growth. This positive trend underscores the resilience and improved health of the financial institutions in the…
RBI Maintains SBI, HDFC Bank, and ICICI Bank as D-SIBs (Domestic Systemically Important Banks) Introduction On November 13, 2024, the Reserve Bank of India (RBI) announced that it has maintained the status of State Bank of India (SBI), HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). These banks, being crucial to the…
DBS Bank India: Leading the Charge for Gender Equity Introduction to DBS Bank’s Gender Equity Initiatives DBS Bank India has taken significant strides in promoting gender equity within the workplace, setting a precedent for other organizations to follow. The bank’s commitment to fostering a diverse and inclusive environment reflects its understanding of the crucial role…
Introduction The Indian government has introduced BaankNet and e-Bkray, two new digital platforms aimed at improving the efficiency and transparency of Public Sector Undertaking (PSU) banks’ e-auctions for asset sales. This move is part of a broader initiative to strengthen the financial sector and enhance digital banking infrastructure. What is BaankNet? BaankNet is a secured,…
Introduction The Government of India has decided to end the Gold Monetisation Scheme (GMS), a program introduced to utilize idle gold reserves in households and institutions. The Reserve Bank of India (RBI) has provided an update regarding the existing deposits under this scheme, ensuring that all commitments made to depositors will be honored. Reasons for…
Introduction: RBI’s Regulatory Actions The Reserve Bank of India (RBI) has recently imposed monetary penalties on two prominent financial institutions—State Bank of India (SBI) and Jana Small Finance Bank Ltd—for non-compliance with specific regulatory norms. These actions underscore the RBI’s commitment to ensuring adherence to banking regulations and maintaining the integrity of the financial system….
SBI Lowers India’s FY25 GDP Growth Forecast to 6.3% | Economic Analysis & Key Insights The State Bank of India (SBI) has revised its forecast for India’s Gross Domestic Product (GDP) growth for the fiscal year 2024-25 (FY25), lowering it to 6.3% from the National Statistical Office’s (NSO) earlier projection of 6.4%. This adjustment reflects…
Government, SBI Cards, and Telcos Collaborate to Combat OTP Frauds In a significant move towards enhancing cybersecurity and combating OTP frauds, the Government of India has joined hands with SBI Cards and major telecom companies. This collaboration aims to implement stringent measures to safeguard users’ financial transactions and personal data. With the rise in digital…
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